FNGD vs NHS: Correlation
Measured on weekly returns over the past three years, MicroSectors FANG Index -3X Inverse Leveraged ETNs due (FNGD) and Neuberger High Yield Strategies Fund Inc. (NHS) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNGD and NHS?
Over the past 3 years, FNGD and NHS moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.39 lands near the 3-year figure. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -296.7 %².
Among the 1743 assets we track against FNGD, NHS ranks #845 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NHS outperformed by 48.6 percentage points (-55.7% for FNGD against -7.1% for NHS). Note the risk asymmetry: FNGD runs 5.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FNGD vs NHS: side by side
| FNGD (MicroSectors FANG Index -3X Inverse Leveraged ETNs due) | NHS (Neuberger High Yield Strategies Fund Inc.) | |
|---|---|---|
| 1-year return | -55.7% | -7.1% |
| 5-year return | -99.4% | -7.7% |
| Volatility (ann.) | 75.7% | 13.0% |
| Beta vs S&P 500 | -4.54 | 0.41 |
| Max drawdown (3Y) | -97.6% | -17.4% |
| Market cap | – | – |
| P/E (trailing) | 20.6 | 9.9 |
| Dividend yield | 0.00% | 18.25% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNGD | NHS |
|---|---|---|
| 2022 | +52.2% | -23.0% |
| 2023 | -90.1% | +3.7% |
| 2024 | -76.6% | +11.0% |
| 2025 | -61.4% | +14.8% |
| 2026 | -49.5% | -10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNGD and NHS good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between FNGD and NHS?
As of 2026-08-27, the correlation of weekly returns between FNGD and NHS is -0.30 over 3 years, -0.39 over 1 year and -0.37 over 5 years.
Is NHS a good diversifier for FNGD?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: FNGD correlations · NHS correlations
